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3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
FIRST QUARTER 2016 RESULTS
May. 11, 2016
IMPORTANT NOTICE:
Financial statements unaudited and prepared under IFRS
Investors are strongly urged to read the important disclaimer at the end of this presentation
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
2
HIGHLIGHTS ■ Sale of the 5.7% remaining stake in Activision Blizzard for net proceeds of c. € 1 billion.
■ The tender offer on Gameloft announced on February 18, 2016, was opened on March 21, 2016.
■ Announcement of a strategic and industrial partnership with Mediaset. Through this transaction*,
Vivendi would own 100% of Mediaset Premium and a 3.5% stake in Mediaset.
■ Equity interest in production companies
Acquisition of a 26.2% interest in Banijay Group following the completion of the merger between Banijay
and Zodiak Media;
Studiocanal acquired a 33% interest in the Spanish company Bambu Producciones, as well as a 20%
interest in both Urban Myth Films and Sunnymarch TV, two London-based production companies.
■ As part of a strategic partnership with Fnac, Vivendi has agreed to subscribe to a reserved capital
increase for a total amount of €159 million, which will give it a 15% interest in the retailer.
■ At the MipTV forum, Vivendi announced the upcoming fall launch of Studio+, the first offer of
premium series specifically designed for mobile devices.
■ Returns to shareholders since the beginning of the year
Two dividends** of €1 per share were paid for a total amount of € 2.6 billion;
Buyback for a total amount of €1.3*** billion.
* subject to the approval of the relevant regulatory authorities.
** €1 interim dividend paid in February 2016 and €1 balance dividend paid in April 2016.
*** of which € 200m already booked in year-end 2015 net cash position
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
SCOPE OF CONSOLIDATION AND MAIN CURRENCIES
3
In compliance with IFRS 5, GVT qualifies as a discontinued operation from Q3 2014, hence its earnings are
reported as “Earnings from discontinued operations”. This classification retrospectively applies to Statements of
Earnings and Cash Flows. Vivendi deconsolidated GVT as from May 28, 2015.
Telecom Italia and Banijay Group are consolidated as equity affiliates from December 15, 2015 and February 23,
2016, respectively.
As a reminder, the accounting for Vivendi’s share of Telecom Italia earnings is delayed by one quarter.
Constant perimeter takes into account the following:
Impacts generated by Dailymotion and Radionomy are excluded for 1Q 2016. For memory, Dailymotion and
Radionomy are consolidated from June 30, 2015 and from December 17, 2015, respectively.
USD / EUR: 1.09 1.16 + 5.8 %
GBP / EUR: 0.76 0.75 - 0.9 %
JPY / EUR: 128 138 + 7.4 %
Q1 2015
average
% Change (impact on earnings)
Q1 2016
average
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
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* At constant perimeter and constant currency. See details on page 3
KEY FINANCIAL METRICS AT END MARCH 2016
Revenues: € 2,491 m - - 1.4 %
IFRS
EBIT: € 968 m x 8.3
Net Income, group share: € 862 m x 25.9
Non-GAAP
Income from operations: € 228 m + 4.5 % + 9.9 %
EBITA: € 213 m - 2.5 % + 3.6 %
Adjusted Net Income amounted to €99m, -27.3% yoy. It would have been €140m, +3.1% yoy, excluding the tax impact related to the net reversal of reserve for the Liberty Media litigation (settled)
Cash
Net cash position: € 4.8 bn vs. € 6.4 bn year end 2015
% Change
Year-on-year
% Underlying change*
Year-on-year
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
In euro millions - IFRS 3M 2015 3M 2016 Change
Constant
perimeter
and constant
currency *
Revenues 1,097 1,119 + 1.9% + 0.6%
Recorded music 874 890 + 1.8% + 0.5%
Music Publishing 184 188 + 1.8% + 0.3%
Merchandising & Other 50 47 - 4.9% - 6.9%
Intercompany Elimination (11) (6)
Income from operations 88 102 + 15.8% + 18.6%
Income from operations margin 8.0% 9.1% +1.1pt +1.5pt
Charges related to equity-settled
share-based compensation plans1 -
Other special items excluded from
income from operations (including
restructuring costs)
(7) (23)
EBITA 82 79 - 4.0% - 0.2%
5
* at constant currency and perimeter. See details on page 3
HIGHLIGHTS
■ Subscription and streaming up c. 60%* in Q1 2016
compared to Q1 2015, while download revenues
down c. 32%*.
■ In Q1 2016, subscription and streaming accounted
for 61% of digital revenues
■ Despite a lighter release schedule compared to Q1
2015, recorded music revenues slightly up 0.5%*:
■ Income from operations up 18.6%* as a result of
lower operating expenses, due to the lighter release
schedule compared to Q1 2015.
■ Restructuring charge of €20m in Q1 2016 compared
to €7m in Q1 2015
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
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* at constant currency and perimeter. See details on page 3
UMG – Focus on recorded music by format
■ Continued strong growth of subscription and streaming revenues,
despite decline in physical and download revenues
278
459
191
137
236
504
307
150
Physical Digital o/w Subscription and
streaming
License and other
Q1 2015
Q1 2016
-16.6%*
+7.9%*
+59.7%*
+10.5%*
Subs. &
streaming34%
Other
digital22%
Physical
27%
License
and other17%
■ Subscription and streaming now
accounts for 61% of digital revenues,
34% of total recorded music revenues
In euro millions
Q1 2016
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
In euro millions - IFRS 3M 2015 3M 2016 Change
Constant
perimeter
and constant
currency *
Revenues 1,370 1,328 - 3.1% - 2.8%
Pay-TV Mainland France 859 820 - 4.6% - 4.6%
Pay-TV International 338 349 + 3.0% + 3.9%
o/w Africa 92 104 + 13.1% + 12.9%
Free-to-Air TV Mainland France 49 54 + 11.5% + 11.5%
Studiocanal 124 105 - 14.9% - 14.5%
Income from operations 154 164 + 6.4% + 7.0%
Income from operations margin 11.2% 12.4% +1.2pt
Charges related to equity-settled
share-based compensation plans1 (1)
Other special items excluded from
income from operations (including
restructuring costs)
10 6
EBITA 165 169 + 2.7% + 3.3%
7 * at constant currency and perimeter. See details on page 3
** audience aged 25-49 years
HIGHLIGHTS
■ Revenues down 2.8%*:
■ Pay-TV revenues decreased in mainland France
due to a continuous decline in the committed
subscriber base;
■ International operations benefited from continued
strong portfolio growth in Africa;
■ FTA TV revenues were up 11.5% driven by
increased audiences, mainly at D8, which reached
5%** in March;
■ Studiocanal revenues decreased by 14.5%* due to
fewer theatrical and DVD releases compared to last
year which benefited from the release of Shaun the
Sheep, The Imitation Game and Paddington.
■ Income from operations up €10m thanks to the
International activities and Studiocanal and despite
decreased profitability of Pay-TV in mainland
France.
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
8,6918,459
8,276
March 31, 2015 Dec. 31, 2015 March 31, 2016
8
Canal+ - Update on Pay-TV operations in mainland France
■ Subscription base* evolution
* Subscriptions with commitment only
** Canl+, Canal+ Cinéma, Canal+ Sport, Canal+ Séries, Canal+ Family and Canal+ Décalé
-415k
-183k
■ Canal+ channels** in France - EBITA
-50-59
Q1 2015 Q1 2016
In euro millions In thousand
-17.2%
Q1 EBITA benefited from lower film programming costs compared to last
year (timing effect).
In addition, the EBITA decline is expected to increase in the coming
quarters due to:
Inflation of sport rights costs (c. € -65m);
Timing effect on film programming costs (c. € -20m);
Revenue decline caused by continued erosion of the subscriber
base (c. € -20m);
Increased marketing costs in H2 (c. € -20m);
Higher COSIP rate than in Q1 (c. € -40m).
Excluding the potential impacts of both the beIN Sports agreement and
the cost efficiency plan under way.
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
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* See details on page 3
HIGHLIGHTS
. Vivendi Village
■ Decrease in Income from operations and EBITA
primarily as a result of development costs associated
with new projects, such as CanalOlympia.
New Initiatives
■ Continuous investments in new projects and in
Dailymotion.
Corporate
■ EBITA up €8m compared to Q1 2015 as a result of
lower legal fees and an adjustment to 2013
performance shares.
VIVENDI VILLAGE
In euro millions - IFRS 3M 2015 3M 2016 Change
Constant
perimeter
and constant
currency *
Revenues 25 25 + 2.4% - 6.9%
Income from operations 4 (4) na na
EBITA 4 - na na
NEW INITIATIVES
In euro millions - IFRS 3M 2015 3M 2016 Change
Constant
perimeter
and constant
currency *
Revenues - 30 + 0.0% + 0.0%
Income from operations - (9) + 0.0% + 0.0%
EBITA - (10) + 0.0% + 0.0%
CORPORATE
In euro millions - IFRS 3M 2015 3M 2016 Change
Constant
perimeter
and constant
currency *
Income from operations (28) (25) + 0.0% + 0.0%
EBITA (33) (25) + 0.0% + 0.0%
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
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* See details on page 3
ADJUSTED P&L
■ Higher interest charges. Until Q2 2015, Vivendi SA received interest on the financing granted to GVT.
■ Adjusted effective tax rate of 38.0% in Q1 2016. In Q1 2016, a tax expense of €41m was recorded in relation to the taxable net
reversal of reserve for the Liberty Media litigation (settled).
■ ANI would have been €140m, +3.1% yoy, excluding the tax impact related to the net reversal of reserve for the Liberty Media
litigation (settled).
In euro millions - IFRS 3M 2015 3M 2016 Change %
Constant
perimeter
and constant
currency*
Revenues 2,492 2,491 - 1 - - 1.4%
Income from operations 218 228 + 10 + 4.5% + 9.9%
Income from operations margin 8.7% 9.1% + 0.4pt
Equity settled share-based compensation plans (2) (2) -
Special items excluded from Income from operations (including
restructuring costs)2 (13) - 15
EBITA 218 213 - 5 - 2.5% + 3.6%
Income from equity affiliates (6) (13) - 7
Income from investments 9 1 - 8
Interest (5) (8) - 3
Provision for income taxes (61) (78) - 17
Non-controlling interests (19) (16) + 3
Adjusted Net Income 136 99 - 37 - 27.3%
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
CONSOLIDATED P&L
11
In euro millions - IFRS 3M 2015 3M 2016 Change
Revenues 2,492 2,491 - 1
Cost of revenues (1,510) (1,510)
Selling, general and administrative expenses excluding amortization
of intangible assets acquired through business combinations(757) (747)
Restructuring charges (7) (21)
Amortization and depreciation on intangible assets acquired through business
combinations(98) (55)
Other income & charges (3) 810
EBIT 117 968 + 851
Income from equity affiliates (6) (13)
Interest (5) (8)
Income from investments 9 1
Other financial income and charges (6) (7)
Provision for income taxes (76) (65)
Earnings from discontinued operations 17 (1)
Non-controlling interests (17) (13)
Earnings attributable to Vivendi SA shareowners 33 862 + 829
of which earnings from continuing operations attributable to Vivendi SA
shareowners16 863 + 847
*
* of which €240m related to the net reversal of reserve for the Liberty Media litigation (settled) and €576m for the capital gain on the sale of the
remaining stake in AB
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
Goodwill 10,177 10,004 Consolidated equity * 21,086 19,954
Intangible and tangible assets 4,335 4,075 Provisions 3,042 2,016
Financial investments 7,543 5,894 Working capital requirements and other 4,266 2,826
Net deferred tax assets - 13 Net deferred tax liabilities 83 -
Net cash position 6,422 4,810
Total 28,477 24,796 Total 28,477 24,796
AssetsDecember 31,
2015March 31, 2016 Equity and Liabilities
December 31,
2015March 31, 2016
In euro millions
12
CONSOLIDATED BALANCE SHEET
* Including non-controlling interests
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
6.4
4.8
+0.1+1.8-0.3
-0.8
-1.1
-1.3
Net Cash
Dec. 31, 2015 CFFO
Interest, taxes paid
and other
Disposals and
decrease of financial assets
Acquisitions and
investments Share buyback
Distribution to
shareholders
Net Cash
March 31, 2016
NET CASH AT END MARCH 2016
13
Including
Interest paid: €-8m
Taxes paid: €-57m
* Of which €0.5bn related to unwinding of the hedging instrument on AB shares
** Of which €100m related to the acquisition of the 26% interest in Banijay Group and €190m related to the ORAN subscribed by Vivendi
In euro billions
Including
5.7% of Activision Blizzard: €1.5bn*
Liberty Media settlement: €0.3bn
Including
Telecom Italia: €-0.4bn
Banijay Group: €-0.3bn**
Ubisoft: €-0.1bn
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
APPENDICES Details of Business Operations: slides 15-16
Detailed Vivendi Financial Results: slides 18-22
Glossary, Disclaimer & Contacts: slides 24-25
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
In euro millions - IFRS 3M 2016
Constant
perimeter and
constant
currency *
Recorded music 890 + 0.5%
Physical sales 236 - 16.6%
Digital music sales 504 + 7.9%
o/w Streaming and subscription 307 + 59.7%
License and Other 150 + 10.5%
Music Publishing 188 + 0.3%
Merchandising and Other 47 - 6.9%
Intercompany elimination (6)
Total Revenues 1,119 + 0.6%
Recorded music: Best Sellers**
3M 2015
Fifty Shades of Grey OST
Taylor Swift
Sam Smith
Drake
Madonna
3M 2016
Justin Bieber
The 1975
Rihanna
The Weeknd
Tsuyoshi Nagabuchi
15 * See details on page 3
** Based upon revenues
*** This is a selected release schedule, subject to change
2016 UPCOMING RELEASES ***
UMG Recorded Music Revenues 3M 2015 3M 2016
Europe 37% 37%
North America 43% 43%
Asia 11% 13%
Rest of the world 9% 7%
Drake
Beach Boys
Emile Sande
Florent Pagny (France)
Gregory Porter
J Balvin (Latin America)
Juanes (Latin America)
Lady Gaga
Ariana Grande
Massive Attack
Nick Jonas
Norah Jones
One Republic
Sean Mendes
Utada Hikaru (Japan)
Will.I.Am
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
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* Individual and collective subscriptions with commitment and without commitment (Canal+, CanalSat, CanalPlay)
** Churn per individual subscriber with commitment
*** Net ARPU per individual subscriber with commitment
**** Source: Médiamétrie - Population four years and older
CANAL+ GROUP In '000 March 31, 2015 March 31, 2016 Change
individual subscribers 10,943 10,951 + 8
Mainland France 6,015 5,546 - 469
International 4,928 5,405 + 477
Poland 2,123 2,116 - 7
Overseas 492 498 + 6
Africa 1,497 1,998 + 501
Vietnam 816 793 - 23
In '000 March 31, 2015 March 31, 2016 Change
subscriptions 15,198 15,369 + 171
Mainland France* 9,375 8,874 - 501
o/w CanalPlay 684 598 - 86
International 5,823 6,495 + 672
Mainland France 3M 2015 3M 2016 Change
Churn per subscriber (%)** 14.7% 15.3% + 0.6pt
ARPU per subscriber (€)*** 44.2 € 44.8 € + 0.6 €
FTA-TV audience share **** March 2015 March 2016 Change
D8 3.5% 3.7% + 0.2pt
D17 1.1% 1.2% + 0.1pt
iTele 1.0% 1.0% + 0.0pt
Total 5.6% 5.9% + 0.3pt
In euro millions - IFRS 3M 2015 3M 2016 Change
Constant
perimeter
and constant
currency *
Revenues 1,370 1,328 - 3.1% - 2.8%
Pay-TV Mainland France 859 820 - 4.6% - 4.6%
Pay-TV International 338 349 + 3.0% + 3.9%
o/w Poland 124 121 - 2.3% + 0.5%
Overseas 101 102 + 0.9% + 0.9%
Africa 92 104 + 13.1% + 12.9%
Vietnam 14 13 - 6.6% - 7.3%
Other 7 9 + 20.4% + 13.9%
Free-to-Air TV Mainland France 49 54 + 11.5% + 11.5%
Studiocanal 124 105 - 14.9% - 14.5%
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
APPENDICES Detailed Vivendi Financial Results
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
18
REVENUES / EBITDA / EBITA
* See details on page 3
Revenues
In euro millions - IFRS3M 2015 3M 2016 Change
Constant
currency
Constant
perimeter
and constant
currency *
Universal Music Group 1,097 1,119 + 1.9% + 0.6% + 0.6%
Canal+ Group 1,370 1,328 - 3.1% - 2.8% - 2.8%
Vivendi Village 25 25 + 2.4% + 2.8% - 6.9%
New Initiatives - 30 + 0.0% + 0.0% + 0.0%
Intercompany elimination - (11) + 0.0% + 0.0% + 0.0%
Total Vivendi 2,492 2,491 - - 0.5% - 1.4%
EBITDA
In euro millions - IFRS3M 2015 3M 2016 Change
Constant
currency
Constant
perimeter
and constant
currency *
Universal Music Group 103 113 + 9.4% + 11.8% + 11.8%
Canal+ Group 223 225 + 0.9% + 1.3% + 1.3%
Vivendi Village 4 (3) na na na
New Initiatives - (8)
Corporate (31) (26)
Total Vivendi 299 301 + 0.8% + 2.1% + 4.2%
EBITA
In euro millions3M 2015 3M 2016 Change
Constant
currency
Constant
perimeter
and constant
currency *
Universal Music Group 82 79 - 4.0% - 0.2% - 0.2%
Canal+ Group 165 169 + 2.7% + 3.3% + 3.3%
Vivendi Village 4 - na na na
New Initiatives - (10) + 0.0% + 0.0% + 0.0%
Corporate (33) (25) + 0.0% + 0.0% + 0.0%
Total Vivendi 218 213 - 2.5% - 0.6% + 3.6%
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
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REVENUES / INCOME FROM OPERATIONS / EBITA
* See details on page 3
Revenues
In euro millions - IFRS3M 2015 3M 2016 Change
Constant
currency
Constant
perimeter
and constant
currency *
Universal Music Group 1,097 1,119 + 1.9% + 0.6% + 0.6%
Canal+ Group 1,370 1,328 - 3.1% - 2.8% - 2.8%
Vivendi Village 25 25 + 2.4% + 2.8% - 6.9%
New Initiatives - 30 + 0.0% + 0.0% + 0.0%
Intercompany elimination - (11) + 0.0% + 0.0% + 0.0%
Total Vivendi 2,492 2,491 - - 0.5% - 1.4%
Income from operations
In euro millions3M 2015 3M 2016 Change
Constant
currency
Constant
perimeter
and constant
currency *
Universal Music Group 88 102 + 15.8% + 18.6% + 18.6%
Canal+ Group 154 164 + 6.4% + 7.0% + 7.0%
Vivendi Village 4 (4) na na na
New Initiatives - (9) + 0.0% + 0.0% + 0.0%
Corporate (28) (25) + 0.0% + 0.0% + 0.0%
Total Vivendi 218 228 + 4.5% + 6.2% + 9.9%
EBITA
In euro millions3M 2015 3M 2016 Change
Constant
currency
Constant
perimeter
and constant
currency *
Universal Music Group 82 79 - 4.0% - 0.2% - 0.2%
Canal+ Group 165 169 + 2.7% + 3.3% + 3.3%
Vivendi Village 4 - na na na
New Initiatives - (10) + 0.0% + 0.0% + 0.0%
Corporate (33) (25) + 0.0% + 0.0% + 0.0%
Total Vivendi 218 213 - 2.5% - 0.6% + 3.6%
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
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INTEREST & INCOME TAX
In euro millions – IFRS Adjusted Net
Income
Net income Adjusted Net
Income
Net income
Tax savings / (charges) related to Vivendi SA's French Tax
Group and to the Consolidated Global Profit Tax Systems20 (24) (17) (18)
Other tax components (81) (52) (61) (47)
Provision for income taxes (61) (76) (78) (65)
Effective tax rate 27.6% 38.0%
Tax (payment) / reimbursement
3M 2015 3M 2016
(294) (57)
In euro millions (except where noted) – IFRS 3M 2015 3M 2016
Interest (5) (8)
Interest expense on borrowings (17) (14)
Average interest rate on borrowings (%) 2.75% 2.55%
Average outstanding borrowings (in euro billions) 2.5 2.1
Interest income from Vivendi S.A. loan to GVT 3 -
Interest income from cash and cash equivalents 9 6
Average interest income rate (%) 0.53% 0.31%
Average amount of cash equivalents (in euro billions) 7.1 8.0
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
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RECONCILIATION OF EARNINGS ATTRIBUTABLE TO VIVENDI SA SHAREOWNERS TO ADJUSTED NET INCOME
* As reported in the Consolidated Statement of Earnings
In euro millions - IFRS 3M 2015 3M 2016
Earnings attributable to Vivendi SA shareowners (*) 33 862
Amortization and depreciation of intangible assets acquired through business
combinations (*) 98 55
Other income & charges 3 (810)
Other financial income & charges 6 7
Earnings from discontinued operations (*) (17) 1
Change in deferred tax asset related to Vivendi SA's French Tax Group and to the
Consolidated Global Profit Tax Systems44 1
Non-recurring items related to provision for income taxes 2 2
Provision for income taxes on adjustments (31) (16)
Non-controlling interests on adjustments (2) (3)
Adjusted net income 136 99
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
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RECONCILIATION OF EBIT TO INCOME FROM OPERATIONS
In euro millions - IFRS 3M 2015 3M 2016
EBIT 117 968
Amortization and depreciation of intangible assets acquired through business
combinations98 55
Other income & charges 3 (810)
EBITA 218 213
Equity settled share-based compensation plans 2 2
Special items excluded from Income from operations (including restructuring
costs)(2) 13
Income from operations 218 228
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
APPENDICES Glossary & Disclaimer
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GLOSSARY
The non-GAAP measures defined below should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance and Vivendi considers this to be relevant indicators of the group’s operating and financial performance. Moreover, it should be noted that other companies may have different definitions and calculations for these indicators from Vivendi thereby affecting comparability.
Adjusted earnings before interest and income taxes (EBITA): As defined by Vivendi, EBITA corresponds to EBIT (defined as the difference between income and charges that do not result from financial activities, equity affiliates, discontinued operations and tax) before the amortization of intangible assets acquired through business combinations and the impairment losses on goodwill and other intangibles acquired through business combinations, and other income and charges related to financial investing transactions and to transactions with shareowners (except if directly recognized in equity).
Income from operations: As defined by Vivendi, income from operations is calculated as EBITA before share-based compensation costs related to equity-settled plans, and special items due to their unusual nature or particular significance.
Adjusted net income (ANI) includes the following items: EBITA, income from equity affiliates, interest, income from investments, as well as taxes and non-controlling interests related to these items. It does not include the following items: the amortization of intangible assets acquired through business combinations, the impairment losses on goodwill and other intangible assets acquired through business combinations, other income and charges related to financial investing transactions and to transactions with shareowners (except if directly recognized in equity), other financial charges and income, earnings from discontinued operations, provisions for income taxes and adjustments attributable to non-controlling interests, as well as non-recurring tax items (notably the changes in deferred tax assets pursuant to the Vivendi SA’ s tax group and Consolidated Global Profit Tax Systems and reversal of tax liabilities relating to risks extinguished over the period).
Cash flow from operations (CFFO): Net cash provided by operating activities after capital expenditures net, dividends received from equity affiliates and unconsolidated companies and before income taxes paid.
Capital expenditures net (Capex, net): Cash used for capital expenditures, net of proceeds from sales of property, plant and equipment, and intangible assets.
Net Cash Position: Net Cash Position is calculated as the sum of cash and cash equivalents, cash management financials assets, as well as derivative financial instruments in assets and cash deposits backing borrowings, less long-term and short-term borrowings and other financial liabilities.
The percentages of change are compared to the same period of the previous accounting year, unless otherwise stated.
3 M 2 0 1 6 R e s u l t s – M a y 1 1 , 2 0 1 6
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IMPORTANT LEGAL DISCLAIMER / CONTACTS
Cautionary Note Regarding Forward-Looking Statements
This presentation contains forward-looking statements with respect to Vivendi's financial condition, results of operations, business, strategy, plans, and
outlook of Vivendi, including the impact of certain transactions and the payment of dividends and distributions as well as share repurchases. Although
Vivendi believes that such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance.
Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside
Vivendi’s control, including, but not limited to, the risks related to antitrust and other regulatory approvals as well as any other approvals which may be
required in connection with certain transactions and the risks described in the documents of the group filed by Vivendi with the Autorité des Marchés
Financiers (French securities regulator) and its press releases, if any, which are also available in English on Vivendi's website (www.vivendi.com). Investors
and security holders may obtain a free copy of documents filed by Vivendi with the Autorité des Marchés Financiers at www.amf-france.org, or directly from
Vivendi. Accordingly, readers of this presentation are cautioned against relying on these forward-looking statements. These forward-looking statements are
made as of the date of this presentation. Vivendi disclaims any intention or obligation to provide, update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Unsponsored ADRs
Vivendi does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently in existence is “unsponsored” and
has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of any such facility.
Investor Relations Team
Laurent Mairot +33.1.71.71.35.13 laurent.mairot@vivendi.com
Julien Dellys +33.1.71.71.13.30 julien.dellys@vivendi.com
For all financial or business information, please refer to our Investor Relations website at: http://www.vivendi.com